South Korea Stocks: Industrial Bank, Hyundai Merchant Marine
The Kospi Index fell less than 0.1 percent to 1,847.49, extending this year’s drop to 9.9 percent.
Industrial Bank of Korea (024110) (024110 KS), the country’s largest lender to small- and mid-sized companies, retreated 1.2 percent to 12,950 won. Shinhan Investment Corp. cut its share-price estimate to 19,000 won from 22,000 won, saying in a report that the bank’s lowered lending rates will decrease profits next year.
Hyundai Merchant Marine Co. (011200) (011200 KS), a shipping line, added 1.2 percent to 25,700 won, the highest close since Dec. 8. The stock rallied 4.5 percent yesterday after the Korean company, Neptune Orient Lines Ltd. and four other shipping lines agreed to form an alliance on unprofitable Asia-Europe trade.
SK Telecom Co. (017670 KS), South Korea’s largest mobile- phone operator, retreated 1 percent to 151,500 won. The company is seeking a 900 billion won loan to fund the acquisition of Hynix Semiconductor Inc. (000660) (000660 KS), MoneyToday reported, citing an unidentified banking industry official. Officials at SK Telecom’s public relations team weren’t immediately available for comment.
To contact the editor responsible for this story: Darren Boey at email@example.com